Commercial Vehicle Market By Product (Light Duty Vehicles, Medium Duty Vehicles, Heavy Duty Vehicles), By Fuel (Diesel, Petrol), By End-use (Industrial, Mining & Construction, Logistics, Passenger Transportation), Industry Analysis, Trends, and Forecast 2018 – 2024
Commercial Vehicle Market is valued at USD 1336.59 Billion in 2017 and expected to reach USD 2094.85 Billion by 2024 with the CAGR of 6.63% over the forecast period. Increase in demand for commercial vehicles in developing countries of Asia Pacific region is a main driving factor for Commercial Vehicle Market.
Commercial Vehicle Market
Commercial Vehicle Market report published by the Brandessence Market Research and Consulting Pvt. Ltd. provides the detail information about commercial vehicle market from various aspects. This report consists of drivers, challenges and opportunities which help the market to grow over the analysis period and recent trends which supports the growth of market. This report consists of regional segmentation with product type and applications.
Commercial vehicle market is defined as the market which provides the service of transporting good and people from one place to another in exchange of money. The market constitutes sub sectors like logistics, road freight forwarder, public transportation system except train and metro on land. It also covers all the regional and local land product transportation system which is carried out by different type of light, medium and heavy-duty vehicle like mini truck, flat bet truck, cargo van, passenger van, tow trucks, pickup trucks, lorries, coaches, trailers etc.
The factors that are responsible for the commercial vehicle market to grow are increasing demand in developing countries of Asia pacific and Europe region, integration of telematic services, demand for specific transport solutions, rising popularity of fleet sharing, growth in ecommerce and logistics sector etc. now a days downsized engine blocks are used which have decreased weight, fuel efficiency and reduced vehicle emission. Introduction of downsized engine in to commercial vehicles reduces overall production cost of vehicles which in turn increases the demand for these types of vehicles. The logistics department’s demand has increased in recent years and it captured a sizeable share in market and expected to have CAGR of 7. 57%. the risk factor for commercial vehicle market is various concern of environmental pollution by governments of countries which in turn made them to put various restrictions on the manufacturing industry of commercial market.
There are many different types of vehicles are introduced in the market recently who uses alternative of traditional fuel like electricity or both traditional fuel and electricity which are deemed as the future of all vehicle and a great opportunity for various major players of commercial vehicle market.
Commercial Vehicle Market Revenue (USD Billion) Analysis by Regional and Global, 2018-2024
Global Commercial vehicle market report covers prominent players like Daimler, Eicher, Ford Motor, Hyundai Motor, King Long United Automotive Industry Co. Ltd, MAN Truck and Bus, Mitsubishi Fuso Truck and Bus Corporation, Peugeot Citroen, Renault, SML Isuzu, Tata Motors, Toyota Motors, Volvo Trucks Corporation and Volvo Bus.
Commercial Vehicle Market Segmentation
- Light duty vehicles
- Medium duty vehicles
- Heavy duty vehicles
- Mining & Construction
- Passenger Transportation
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
Commercial Vehicle Market Key Players
- Ford Motor
- Hyundai Motor
- King Long United Automotive Industry Co. Ltd
- MAN Truck and Bus
- Mitsubishi Fuso Truck and Bus Corporation
- Peugeot Citroen